We are currently experiencing a period that is testing our economic system. Inflation, economic instability, and a lack of savings have caused an increasing number of Americans to feel financially stressed. Additionally, total household debt rose by $16 billion to $17.06 trillion in the second quarter of 2023.

It is important to recognize that financial stress among your employees can have an impact on productivity and engagement which can result in a loss of profit for your company. One solution is providing employees with benefits such as financial wellness programs, like Kashable, which offer low-cost loans, credit monitoring, savings accounts, live financial coaching, and a financial literacy library. These benefits can help employees manage economic stress and prepare for their financial future.

Kashable’s financial wellness program seamlessly integrates into employers’ benefits options and provides reassurance to your employees that their well-being is a top priority. Offering these benefits to employees can expand their access to financial planning tools, which are particularly vital during times of economic uncertainty.

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For employees navigating through stressful times, financial planning can serve as a useful tool in evaluating their present financial situation, establishing achievable goals for both the short and long term, and devising strategies to work to achieve them. This may include taking steps to budget, save, invest, and manage risks. Financial planning can be used proactively to empower individuals to make informed financial decisions and may offer a wide range of advantages, including:

1. Safeguarding against the unexpected: Financial instability often presents unforeseen challenges, such as job losses, market volatility, or sudden emergencies. A well-crafted financial plan can allow employees to build an emergency fund and manage risks.
2. Maintaining financial discipline: Financial planning can help to establish clear financial objectives and a path to achieving them. It may also allow employees to remain focused on their financial goals and make informed financial decisions.
3. Maximizing opportunities: A financial plan can help employees identify potential areas for growth and allocate their resources.
4. Achieving peace of mind: A comprehensive financial plan can address immediate financial goals and encompass long-term objectives, such as retirement planning. By having a clear plan in place, employees can experience peace of mind, help to reduce stress levels and enhance engagement and productivity at work.

During periods of economic uncertainty, providing your employees with access to financial coaching and literacy resources through Kashable can offer them a source of stability, security, and guidance amidst turbulent times. It can also help employees make informed decisions, navigate unexpected challenges, and seize potential opportunities. With the user-friendly resources and tools offered by Kashable, you can support your employees in embarking on their financial planning journeys.

Whether facing an economic downturn or planning for the future, investing in your employees’ financial planning can allow them to prioritize and work to achieve their financial goals. There is no better time than now to discover why Kashable is the benefit that benefits everyone.